主题：金融市场的基本问题
问题：债券型对冲基金的面试过程是什么样的？
回答：这个问题有点宽泛，那我就宽泛点回答。 以下回答只针对欧美，亚洲/中国high yield market很不一样。credit/distressed PE/HF也分很多种，我个人比较了解distressed-to-own以及pure trading positions. Structured credits一窍不通面试的话取决于基金的策略和风格。一般都是轮着都面一遍，最后做一个case study. Case study可以是Modelling test也可以是simple investment thesis presentation. Bain Capital Sankaty是个例外，基于Bain & Co的前身，一般会以咨询类型的case study开始。 但是不管怎么面，需要掌握的知识和技能都是互通的，掌握了基本都能解决面试的问题。中文我不知道怎么解释，直接用英文吧。Loan-to-own: Acquire the entire debt position (create the company at Net debt/EBITDA value), swap to equity post restructuring/re-organization to gain the control position, then improve the operation side and exit. Funds that do this: CenterBridge, Apollo, Carlyle, Cerberus etc.Trading: Identify bonds trading below par, buy low and sell high. The bet is it would eventually come back to par. Depends on the operation of the firm, could be long/short credits trade. NPL also belongs to this category. Funds that do this: most of hedge funds, Sankaty Advisors.Most of time distressed funds are pretty flexible across the capital structure. So it won't be a pure PE shop that only looks at buyout opps or a HF shop that only does trading. True that depends on the strategy some funds may be more comfortable to be a debt or equity player, but essentially distressed funds look at everything.On initial analysis capital structure is the most important thing when you first look at a distressed firm and see where the value breaks- you need to understand the seniority, dig into notes and also consider the local legal system in different countries. Like any other investment, it's crucial to understand the business model/management team and what went wrong - so you need to analyze the firm holistically from both the financial side and operational side. Here you may also get questions like you would get from a equity fund interview. (what ratio to look at etc)Depends on your analysis you then propose an investment thesis on what to buy - senior debt/bank loan/unsecured bonds or equity. At the initial stage it's tough to say how you could exit the investment but distressed PE funds will always seek control opportunities (but they may invest in debt first). During your analysis you should also be able to understand the cost structure and the problem of its business model/management - then you could make an initial judgement on where the firm could improve - financial / operational etc. But in general although you won't negotiate with the management on how to improve the operation until you have a huge stake in the firm, you still need to understand both the operational side and the financial side of your target firm; there is no point investing in a shitty company with a shitty business model and a shitty management team. So in general, you wanna do your analysis to come up with an investment thesis, and the up/down sides, including industry risk, market sentiment, catalysts etc.It's no easy job to say whats the routine of making distressed investment but i think Distressed Debt Investing will give you some great insight. Moyer's Distressed Debt Analysis is also a great book to start.不管面试流程如何，考察都是这些基本的技能， 以及你对投资的热情，和你对机会的眼光。随时私信我问题如果上面的英文写的太不知所云。